The mission of the New Mexico Economic Development Department is to Enhance and leverage a competitive environment to create jobs, develop the tax base and provide incentives for business development.
Our programs and initiatives support our mission. The New Mexico Partnership is a statutorily-created public-private organization under contract to the department to market the state globally in order to attract new jobs and investment. Department programs provide direct assistance to New Mexico businesses and communities. Programs and services for businesses can be found in the Business Resource Center. EDD also administers several programs that support Community Development.
Improvements to New Mexico’s tax policy and incentives are accomplished during the annual legislative session. One example is the 2013 Jobs Package, which made significant changes in New Mexico’s competitiveness as a business destination. As a result, Governor Susana Martinez was one of six governors recognized by the Tax Foundation for Outstanding Achievement in State Tax Reform in January 2014.
The State of New Mexico’s fiscal year begins on July 1 and ends on June 30th of each year. During the summer months each state agency compiles a strategic plan of program initiatives, an accompanying budget, and a set of performance metrics that reflect the key work of each of our programs. These documents are submitted to both the executive and legislative branches on September 1. At the end of each fiscal year we report our progress in an annual report.
An Economic Development Commission, appointed by the Governor, is statutorily responsible for overseeing the work of the department and for creating and approving a five year plan for the state’s economic growth. Our current plan, Innovation Creates Diversification, reflects the priorities of both the administration and our constituents. Secretary Jon Barela hosted the New Century Economy Summit in October 2012, which kicked off the planning process. He created the New Mexico Rural Economic Development Council the same month. The Summit identified the immediate need to address sequestration by diversifying the state’s economy. The Rural Council informs department programs and policies specific to the rural areas of our vast state and was instrumental in informing and approving the Rural Renaissance section of this plan.